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    MsFocused26's Avatar
    MsFocused26 Posts: 2, Reputation: 1
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    #1

    Aug 26, 2012, 10:35 PM
    Purchased supplies on account $50? Would this be considered in accounting?
    Would I credit accounts payable and credit supplies? Help please
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Aug 27, 2012, 06:37 AM
    You would Debit Supplies and Credit Accounts Payable.

    Here is a way to remember what types of accounts have a normal debit or credit balance.

    D - Debit Balance
    E - Expenses
    A - Assets
    D - Dividends

    C - Credit Balance
    U - Unearned Revenues
    R - Revenues
    L - Liabilities
    S - shareholders Equity/ Owners Capital

    A debit entry to an account with a normal debit balance will increaase the account balance, while a credit entry will decrease the account balance.

    A credit entry to an account with a normal credit balance will inrease the account balance, while a debit entry will decrease the account balance.

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